How to identify a good resale deal?

[RachStu]

Well I think we have found the "one"! We bid on three Poly contracts this weekend and all bids were accepted. We opted for a contract which has full points for 2019 and more than half of 2018 points banked. We will rent the banked points to help recoup a bit of the outlay. Let's hope it gets through ROFR. Hopefully the contract will be drawn up over the next few days

 

[Mzpalmtree]

Well I think we have found the "one"! We bid on three Poly contracts this weekend and all bids were accepted. We opted for a contract which has full points for 2019 and more than half of 2018 points banked. We will rent the banked points to help recoup a bit of the outlay. Let's hope it gets through ROFR. Hopefully the contract will be drawn up over the next few days

I hope it works out for you! I do have a related but sort of off topic question though. How common is it for buyers to put in multiple offers at a time? Is this typical? When DH and I were making offers we waited to see each one through assuming it would be frowned a upon to make multiple and back out.

 

[BlackTea]

I hope it works out for you! I do have a related but sort of off topic question though. How common is it for buyers to put in multiple offers at a time? Is this typical? When DH and I were making offers we waited to see each one through assuming it would be frowned a upon to make multiple and back out.

Same for me, one offer at any one particular time, unless I intended to buy multiple. Once it is accepted, it is like unofficial commitment, and should only back out if mutually agreed. At least that is how I understand it...

 

[ClemTig]

Well I think we have found the "one"! We bid on three Poly contracts this weekend and all bids were accepted. We opted for a contract which has full points for 2019 and more than half of 2018 points banked. We will rent the banked points to help recoup a bit of the outlay. Let's hope it gets through ROFR. Hopefully the contract will be drawn up over the next few days

So you bid on 3 contracts, all 3 accepted, but you are only buying 1? How does that work? Are you stepping away from 2 that you placed winning bids on? That is not something I would ever do. I wouldn't place a second bid until my first was refused.

 

[RachStu]

I had also assumed it would be bad form to place a second offer until the first had replied. However, one of the well regarded agencies asked me if I wanted to bid on a second contract simultaneously with the first. I therefore assumed it was common practice! This was my first time bidding.

 

[Mzpalmtree]

I had also assumed it would be bad form to place a second offer until the first had replied. However, one of the well regarded agencies asked me if I wanted to bid on a second contract simultaneously with the first. I therefore assumed it was common practice! This was my first time bidding.

I hope you didn’t take offense to my question as I am also new and we actually missed out on a couple of great deals potentially while waiting on our sellers to get back with us regarding our offer during our process. I was wondering if it was common to make multiple offers. It just doesn’t make sense to me as you would not do that on any other real estate transaction. That just feels shady on the part of the broker to me.

 

[Sandisw]

I had also assumed it would be bad form to place a second offer until the first had replied. However, one of the well regarded agencies asked me if I wanted to bid on a second contract simultaneously with the first. I therefore assumed it was common practice! This was my first time bidding.

I would hope then that this broker lets the sellers know they have buyers do this. To be told you have an offer, accept it, and then be called back to say the buyer was rescinding would not have made me happy as a seller, unless I was told upfront that is the practice,

Nothing wrong on your part as a buyer if that was the advice given. Congratulations!

 

[RachStu]

Not at all, MZpalmTree. I've actually spent the morning feeling bad about it!

It's probably not quite as bad as it sounded in my initial post:

Offer 1 was rejected and a counter proposal was put forward by the Seller. I rejected this.

Offer 2 was made via Fidelity after I rejected the Offer 1 counter-proposal. They appeared to be closed all weekend and were slow to respond.

Offer 3 was made whilst I was waiting to hear from Fidelity and after I'd rejected the Offer 1 counter-proposal. This offer was made through the agent who'd offered to make multiple offers on my behalf (so I don't feel too bad about that.

Whilst waiting to hear back on offers 2 and 3, the offer 1 seller came back with a series of counter-proposals. I rejected them and explained I was waiting on Fidelity. The offer 1 seller then accepted my original offer in an attempt to close the deal. I explained that I wanted to wait to see what happened with Fidelity first.

So, I don't think I did anything wrong as regards the Offer 1 seller. I feel bad for the Offer 2 seller as they responded really quickly and accepted my offer without making a counter. It was their agent that suggested it was OK to make simultaneous offers though. I won't be doing that again.

 

[GCorbett]

You did not do anything wrong in regard to Offer 1. When they propose a counter-offer, they rejected your first offer. The fact that they changed their mind isn't your fault. I will say that the more I see about Fidelity though, the more I wonder about their operations. Having a buyer place multiple bids seems odd and wrought with issues. I wonder if they were hoping if more than one was accepted, you might say "Heck, I'll take them all!"

 

[RachStu]

It wasn’t Fidelity who suggested the multiple offers. It was the offer 3 agent who shall remain nameless. I just hope Fidelity come through on the deal. I don’t trust them not to sell it to someone else if they get a better offer.

 

[Sandisw]

Not at all, MZpalmTree. I've actually spent the morning feeling bad about it!

It's probably not quite as bad as it sounded in my initial post:

Offer 1 was rejected and a counter proposal was put forward by the Seller. I rejected this.

Offer 2 was made via Fidelity after I rejected the Offer 1 counter-proposal. They appeared to be closed all weekend and were slow to respond.

Offer 3 was made whilst I was waiting to hear from Fidelity and after I'd rejected the Offer 1 counter-proposal. This offer was made through the agent who'd offered to make multiple offers on my behalf (so I don't feel too bad about that.

Whilst waiting to hear back on offers 2 and 3, the offer 1 seller came back with a series of counter-proposals. I rejected them and explained I was waiting on Fidelity. The offer 1 seller then accepted my original offer in an attempt to close the deal. I explained that I wanted to wait to see what happened with Fidelity first.

So, I don't think I did anything wrong as regards the Offer 1 seller. I feel bad for the Offer 2 seller as they responded really quickly and accepted my offer without making a counter. It was their agent that suggested it was OK to make simultaneous offers though. I won't be doing that again.

Thanks for sharing the specifics as it was really more of a timing and rejection than just saying to the same broker..put in these 3 offers at once,

As mentioned, you definitely didn’t do anything wrong! But, if I ever sell again, it gives me a question to ask about whether they encourage buyers to do this. Wouldn’t necessarily prevent me from listing, but would want to know the practice in place!

Fingers crosses for The next stage!